CME has 75 cent expanded limits continuing for Monday’s session in the winter wheat markets. For the front months, just May went home at the 75 cent limit. The other SRW futures were up 32 1/4 to 59 cents. In HRW front month futures went into the weekend another 41 1/2 to 64 1/4 cents in the black. Spring wheat closed the day 28 3/4 to 42 cents higher, though in-delivery March dropped a dime.
CFTC’s weekly CoT report showed spec activity was adding SRW longs and closing SRW shorts through the week that ended 3/1. That left the group 11,017 contracts less net short to 7,036. Commitment of Traders data showed managed money firms were 4,701 contracts more net long in HRW to 45,481 contracts. Managed money was 10,602 contracts net long in MGE wheat futures and options as of 3/1, that was a 3,619 contract stronger net long wk/wk.
Pre-WASDE report estimates are expecting a 16.7 mbu stocks cut for the U.S. on average – with many private analysts citing the Russia/Ukraine war as justification for increased U.S. exports. The full range of estimates is to see between a 10 mbu bump and a 79 mbu cut. For world wheat stocks, the trade is looking for 277.5 MMT on average, or a 700k MT cut from the Feb report.
May 22 CBOT Wheat closed at $12.09, up 75 cents,
Cash SRW Wheat was $11.00 3/8, up 26 7/8 cents,
May 22 KCBT Wheat closed at $12.14 1/2, up 64 1/4 cents,
Cash HRW Wheat was $11.55 5/8, up 49 1/2 cents,
May 22 MGEX Wheat closed at $11.47, up 28 3/4 cents,
